Ready to Launch: Key Priorities for Opening a New Store, Part 2

Restaurants are now hotter than ever. The National Restaurant Association estimates thattoday there are more than one million restaurant locations in the United States. People in the US now spend more on dining than they do in grocery stores. The Atlantic is calling this the golden age for restaurants, while also pointing out that it’s a fiercely competitive industry.

If you’re considering a business move by opening a restaurant, we offer this two-part blog series (read part one here) as your go-to guide to setting up for success.

1. Choose technology that works as hard as you do

From multi-store retail outlets to intimate mom-and-pop shops, business owners know that technology is essential in today’s personalized, omnichannel world. Increasingly retail stores are turning to a super multi-tasking POS to do the job.

Accepting payments is just the start when you have the right system. Here aresome other functions your hard-working POS can handle:

Customer database

Inventory tracking

Employee management, productivity tracking and training

Marketing with receipt customization and coupon tracking

Gift card program

Loyalty program

2. Find your suppliers

From tables and chairs, to ingredients, straws and table tents, begin by making a comprehensive list of necessary supplies. Is it more effective for you to use separate vendors for different categories or stick with a supplier who can make it easy to buy multiple types of supplies with one-stop shopping? Each approach has pros and cons; for example, dealing with one account manager can simplify billing and vendor relations and could yield cost savings through reduced delivery costs and bulk-buying opportunities. On the other hand, finding specialty suppliers might allow you to get products that otherwise aren’t available and could allow you to find better prices on specific items.

A good place to start is by asking other local restaurateurs for suggestions and/or visiting an online marketplace likeFoodServiceCentral.com. Make sure you get a variety of bids and take into account the customer service each supplier provides. You want to feel confident they will be a great long-term partner.

Depending on your model, you might prefer to have a few people who can work longer hours, or cater to students by hiring more employees who work shorter or fewer shifts. Also consider instituting a bonus program to incentivize good employees to recruit their family and friends. Develop a way to reward long-term and good service with a retention program. Withturnover rates in the hospitality industry exceeding 70 percent, the cost to replace an employee is far steeper than keeping the ones you have happy.

You’ll also want to offer comprehensive training, which not only promotes excellent customer service, but can inspire loyalty in employees who feel more confident in their abilities. Technology to the rescue, yet again:A major benefit of an mPOS is how intuitive it is for most employees to quickly get up to speed, given their familiarity with the interface.